The Interim Budget 2024 will be presented to Parliament by Union Finance Minister Nirmala Sitharaman on February 1. Union Finance Minister Nirmala Sitharaman stated ahead of the D-Day that no major announcements are expected in this budget. Sitharaman did not present the Economic Survey today since it was not a full budget.
Because 2024 is a Lok Sabha election year, this budget will just be a vote-on-account, with a full budget to be presented following the polls. The next administration, which is expected to be constituted around June, will present its final budget for 2024-25 in July.
When can I watch Budget 2024?
The Union Budget will be announced on February 1 at 11 a.m.
Where can I watch Budget 2024, live streaming?
Nirmala Sitharaman’s budget address will be live aired on India Today and Aaj Tak TV stations, as well as Business Today’s YouTube channel. For the most recent information, check out the live blogs on Business Today, India Today, and Aaj Tak. Sitharaman’s address can also be seen on Doordarshan (DD) News, the Press Information Bureau’s YouTube account, and its website. How many budgets did Nirmala Sitharaman present?
This is Nirmala Sitharaman’s sixth consecutive budget, tying Dr Manmohan Singh’s record. Sitharaman, India’s first full-time female finance minister, has presented five comprehensive budgets since taking office in July 2019. With the introduction of the Interim Budget on Thursday, Sitharaman will surpass her predecessors, Arun Jaitley and Yashwant Sinha.
Arun Jaitley and Yashwant Sinha presented five budgets in succession.
Sector-specific predictions for Union Budget 2024
Despite the fact that this is only a vote-on-account budget, the general public expects Nirmala Sitharaman to announce tax cuts, an increase in the threshold for income-tax rebates, a revision of the capital gain tax system, the addition of more benefits under the new tax regime, and the removal of goods and services tax (GST) from insurance policies. Furthermore, the recruiting sector is considering budgetary allocations for worker development and skill augmentation. It also expects the budget to look into regulatory frameworks for the gig economy and contingent workforce.
“A forward-thinking budget should also address regulatory frameworks for the gig economy and contingent workforce, guaranteeing a balanced and adaptable approach that benefits both businesses and employees. Creating an atmosphere that encourages collaboration between recruitment platforms and technology firms will be critical to generating innovation and staying ahead of industry trends.
By creating such an atmosphere, we can not only sustain the development that has occurred, but also build a landscape in which the gig economy becomes a driving force in shaping the future of employment,” stated Sekhar Garisa, Foundit CEO.
Aside from focusing on the gig economy, the industry is considering targeted incentives for specific sectors to encourage investment, job creation, and industrial expansion.
“The budget may have included targeted incentives for specific industries to encourage investment, job development, and industrial expansion. These incentives can be strengthened by increasing funding for skill development programs, incentivizing job creation in the informal sector, and promoting equitable and stable working conditions,” said Rohet Ramesh, Director of Layam Group, a staffing management and talent acquisition firm. In addition to increasing equity-based funding, women entrepreneurs want increased budgetary allocation to improve their access to finance.
“In India, there are currently only three diversity-focused funds—AWE, She Capital, and Arise—all of which face the difficulty of relatively small fund sizes. To effectively advance women’s entrepreneurship, the forthcoming budget must prioritize and devote significant resources to facilitate them access to financing. Specifically, there is an urgent need for more equity-based funding.
Budget
The government should prioritize distributing funding for risk capital rather than depending only on loan-based measures. Many female entrepreneurs realize that they are disqualified for existing programs, highlighting the need for a more inclusive and accessible financial ecosystem.
As a result, the request in the upcoming budget is fairly straightforward: the budget should allocate more capital to diversity-focused funds, recognizing the critical role that women entrepreneurs play in fostering a more equitable business landscape in India,” said Aditi Balbir, co-founder and CEO of EcoRatings, an AI-powered platform for ESG ratings of products and services.
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